Some notes;
- since it's an item it would be nice if you put it some billboarded glow or sparks. Now looks bland.
- the item sits at Z=0. Half sunk into the ground.
- the rotation anim looks tiny bit choppy. You might want to change the lines to:
100: { 0, 0, 0, 1 }
1600: { 0, 0, -1, -0 }
1601: { 0, 0, -1, -0 } <- new
3100: { 0, 0, 0, -1 }